Macroeconomics: Principles and Policy (MindTap Course List)
13th Edition
ISBN: 9781305280601
Author: William J. Baumol, Alan S. Blinder
Publisher: Cengage Learning
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Chapter 6.A, Problem 2TY
To determine
(a)
To calculate:
The real
To determine
(b)
To compute:
The percentage change in real and nominal GDP.
To determine
(c)
To compute the percentage change in GDP deflator.
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Suppose the information in the following table is for a simple economy that produces only four goods and services: shoes, hamburgers, shirts, and cotton. Assume that shoes, hamburgers, and shirts are final goods and that all the cotton is used in the production of shirts. Calculate the GDP deflator for 2015. Use 2009 as the base year for the calculations. Provide your answer as a number rounded to two decimal places. Do not include any symbols, such as "$," "=," "%," or "," in your answer.
Compute the percentage change in the real GDP in 2018 and 2019 from the preceding year.
In an economy, Nominal GDP for year 2005 (base year = 1996) is $60 billion and the GDP deflator 2005 (base year = 1996) is 120. Calculate the Real GDP for 2005.
Chapter 6 Solutions
Macroeconomics: Principles and Policy (MindTap Course List)
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